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How To Deal With Being Made Redundant

Being made redundant is a change that can have a big impact on your life. It can be an emotional and worrisome time leading to stress and anxiety for many people. Redundancy arises when a company decides there is no longer a requirement for the job. It may be a company cost-saving measure, which aims to reduce the overall numbers of employees or in some cases in order to help save a business from closing down.

Here are some tips for dealing with being made redundant.

1. Take Time To Process The Change

As with any unexpected change in your life, it is advisable to take some time to come to terms with your redundancy. It can be a particularly hard time for employees who have worked with a company for many years.

Firstly, give yourself time to process the change and come to terms with the new situation. Speak to your partner, friends and/or family and let them comfort you. Talking about it will help you deal with the consequences of it and help you to focus on what comes next.

2. Evaluate Your Finances

The impact of the redundancy may mean you have to re-evaluate your finances. Take time to examine your budget, paying attention to the expenses linked to your salary every month.

You may have redundancy cover or income protection so get in touch with your insurer as soon as possible to find out how to claim it. You are also entitled to a minimum statutory redundancy payment if you have worked with the company for over 104 weeks and paid the correct PRSI contributions. Other companies pay above the statutory redundancy payment and this information will be made available to you before you leave.

You should also get in touch with the department of social welfare and enquire about signing on for jobseekers benefit. You will be entitled to claim benefit for six or nine months depending on your PRSI contributions in the relevant tax year. A lot of this information is available online through welfare.ie.

Finally, you may need to cancel an upcoming holiday or trip that you have planned or adjust the repayments on a loan. Check to see if your travel insurance will reimburse you for any payments that are non-refundable. Remember to also get in touch with your bank or other financial institution and organise a meeting to discuss your change in circumstances, especially if you think it affects your mortgage repayments.

3. Create A Job Strategy

Next, it is time to create a job strategy. Take the time to think about the job you would like to do next. This may be an opportunity for you to change careers or work in a new role in the industry.

First, actively seek out career advice. Schedule time in your day to read online articles, career blogs and scroll through the jobs boards to see what is available.

Then, research online for jobs that you are interested in. Look at the job descriptions to identify what experience, skills and training may be required. Note any of interest and make a list of job titles that grab your attention.

Next, you should arrange to meet a recruitment consultant in the industry if you are interested in working in to get more information. They will go through your CV to determine if you are suited to the job types and discuss suitable companies, salary expectations and benefit packages available.

Finally, use LinkedIn and social media to network and keep in touch with your colleagues in the industry. Use LinkedIn to search for jobs and research companies.

4. Update your CV and Start Applying for Jobs

The next step is to start working on updating your CV, write a cover letter and start applying for jobs. If you have been working for the same company for many years, search for examples of CVs that are common in your industry. You might find the CV trends have changed since you last submitted a job application.

Start by creating a CV template using a pre-designed professional layout or create your own. You can read our guide to creating the perfect CV template and the do’s and don’ts of CV layouts.

Furthermore, customise your CV and cover letter to the role you are applying for. Ask an old colleague or friend to proof it for you and when you are satisfied start applying.

5. Stay Positive

Finally, stay positive. Having experienced being made redundant you may feel like you have lost some control. Keeping positive, motivated and determined will help you to regain that control. Schedule time each day to conduct research, network, plan and customise your CV and complete application forms.

Additionally, ask employers for feedback if you receive a rejection and use that constructively to improve your next application.